Category: Market Action

Market Action

July 31, 2024

The FOMC Release was no surprise:

Recent indicators suggest that economic activity has continued to expand at a solid pace. Job gains have moderated, and the unemployment rate has moved up but remains low. Inflation has eased over the past year but remains somewhat elevated. In recent months, there has been some further progress toward the Committee’s 2 percent inflation objective.

The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. The Committee judges that the risks to achieving its employment and inflation goals continue to move into better balance. The economic outlook is uncertain, and the Committee is attentive to the risks to both sides of its dual mandate.

In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent. In considering any adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage‑backed securities. The Committee is strongly committed to returning inflation to its 2 percent objective.

In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals. The Committee’s assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments.

Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Thomas I. Barkin; Michael S. Barr; Raphael W. Bostic; Michelle W. Bowman; Lisa D. Cook; Mary C. Daly; Austan D. Goolsbee; Philip N. Jefferson; Adriana D. Kugler; and Christopher J. Waller. Austan D. Goolsbee voted as an alternate member at this meeting.

The press conference was more interesting:

“If we do get the data that we hope, then a reduction in our policy rate could be on the table at the September meeting,” Jerome H. Powell, the Fed chair, said during a news conference on Wednesday. Mr. Powell also suggested that the Fed could make a string of reductions before the end of the year, depending on inflation and job market data.

“I can imagine a scenario in which there would be everywhere from zero cuts to several cuts, depending on the way the economy evolves,” Mr. Powell said. That remark was notable because it implied that three rate cuts were possible, which is in line with market expectations but more than the two the Fed had most recently forecast.

Mr. Powell spoke shortly after the Fed announced that it would hold rates at 5.3 percent for now — a two-decade high, where they have remained for a year.

Five-year Canadas are now at 3.11%.

PerpetualDiscounts now yield 6.30%, equivalent to 8.19% interest at the standard equivalency factor of 1.3x. Long corporates yielded 5.05% on 2024-7-26 and since then the closing price of ZLC has changed from 15.05 to 15.24, an increase of 126bp in price, implying a decrease of yields of 10bp (BMO reports a duration of 12.29, but don’t disclose whether this is Macaulay or Modified; I will assume Modified) to 4.95%. Therefore, the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed to 325bp from the 335bp reported July 24.

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	0.0847 %	2,254.3
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.0847 %	4,323.7
Floater	9.92 %	10.12 %	89,487	9.41	2	0.0847 %	2,491.8
OpRet	0.00 %	0.00 %	0	0.00	0	0.0204 %	3,527.2
SplitShare	4.74 %	6.53 %	26,438	1.19	6	0.0204 %	4,212.2
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0204 %	3,286.5
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	-0.3309 %	2,797.4
Perpetual-Discount	6.15 %	6.30 %	61,475	13.48	28	-0.3309 %	3,050.5
FixedReset Disc	5.15 %	6.95 %	127,622	12.46	49	-0.1246 %	2,625.8
Insurance Straight	6.06 %	6.22 %	66,653	13.53	20	0.2536 %	2,987.9
FloatingReset	9.00 %	8.81 %	28,971	10.52	4	-0.1281 %	2,787.4
FixedReset Prem	5.82 %	5.83 %	276,661	11.90	8	0.2875 %	2,536.1
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	-0.1246 %	2,684.1
FixedReset Ins Non	5.23 %	6.49 %	101,222	13.30	14	-0.0584 %	2,810.1

Performance Highlights
Issue	Index	Change	Notes
BN.PF.E	FixedReset Disc	-6.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-31 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 8.45 %
BN.PF.A	FixedReset Disc	-5.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-31 Maturity Price : 20.87 Evaluated at bid price : 20.87 Bid-YTW : 7.70 %
PWF.PR.S	Perpetual-Discount	-3.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-31 Maturity Price : 18.65 Evaluated at bid price : 18.65 Bid-YTW : 6.49 %
CU.PR.C	FixedReset Disc	-2.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-31 Maturity Price : 19.73 Evaluated at bid price : 19.73 Bid-YTW : 7.18 %
BN.PF.I	FixedReset Disc	-2.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-31 Maturity Price : 22.19 Evaluated at bid price : 22.56 Bid-YTW : 7.57 %
GWO.PR.Y	Insurance Straight	-1.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-31 Maturity Price : 17.98 Evaluated at bid price : 17.98 Bid-YTW : 6.35 %
MFC.PR.M	FixedReset Ins Non	-1.73 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-31 Maturity Price : 21.35 Evaluated at bid price : 21.62 Bid-YTW : 6.49 %
POW.PR.B	Perpetual-Discount	-1.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-31 Maturity Price : 21.42 Evaluated at bid price : 21.42 Bid-YTW : 6.31 %
IFC.PR.C	FixedReset Ins Non	-1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-31 Maturity Price : 20.23 Evaluated at bid price : 20.23 Bid-YTW : 6.90 %
SLF.PR.H	FixedReset Ins Non	-1.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-31 Maturity Price : 19.56 Evaluated at bid price : 19.56 Bid-YTW : 6.52 %
BN.PF.C	Perpetual-Discount	-1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-31 Maturity Price : 19.05 Evaluated at bid price : 19.05 Bid-YTW : 6.46 %
BN.PF.H	FixedReset Disc	-1.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-31 Maturity Price : 22.94 Evaluated at bid price : 23.39 Bid-YTW : 7.72 %
MFC.PR.J	FixedReset Ins Non	-1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-31 Maturity Price : 22.89 Evaluated at bid price : 24.00 Bid-YTW : 6.22 %
GWO.PR.I	Insurance Straight	-1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-31 Maturity Price : 18.60 Evaluated at bid price : 18.60 Bid-YTW : 6.13 %
PWF.PR.G	Perpetual-Discount	1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-31 Maturity Price : 23.20 Evaluated at bid price : 23.50 Bid-YTW : 6.31 %
MFC.PR.K	FixedReset Ins Non	1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-31 Maturity Price : 22.85 Evaluated at bid price : 24.01 Bid-YTW : 5.96 %
SLF.PR.E	Insurance Straight	1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-31 Maturity Price : 19.70 Evaluated at bid price : 19.70 Bid-YTW : 5.79 %
TD.PF.I	FixedReset Prem	1.30 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2027-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.70 Bid-YTW : 5.39 %
SLF.PR.D	Insurance Straight	1.61 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-31 Maturity Price : 19.60 Evaluated at bid price : 19.60 Bid-YTW : 5.75 %
BN.PF.F	FixedReset Disc	1.66 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-31 Maturity Price : 20.18 Evaluated at bid price : 20.18 Bid-YTW : 7.63 %
MFC.PR.Q	FixedReset Ins Non	1.79 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-31 Maturity Price : 22.83 Evaluated at bid price : 23.92 Bid-YTW : 6.13 %
BN.PR.Z	FixedReset Disc	1.83 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-31 Maturity Price : 20.59 Evaluated at bid price : 20.59 Bid-YTW : 7.62 %
TD.PF.E	FixedReset Disc	2.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-31 Maturity Price : 23.42 Evaluated at bid price : 23.90 Bid-YTW : 6.15 %
IFC.PR.A	FixedReset Ins Non	2.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-31 Maturity Price : 18.85 Evaluated at bid price : 18.85 Bid-YTW : 6.64 %
IFC.PR.F	Insurance Straight	5.57 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-31 Maturity Price : 21.80 Evaluated at bid price : 21.80 Bid-YTW : 6.16 %
PWF.PR.P	FixedReset Disc	6.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-31 Maturity Price : 14.95 Evaluated at bid price : 14.95 Bid-YTW : 7.60 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BMO.PR.T	FixedReset Disc	243,465	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-09-24 Maturity Price : 25.00 Evaluated at bid price : 24.92 Bid-YTW : 5.17 %
RY.PR.J	FixedReset Disc	235,185	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-31 Maturity Price : 23.29 Evaluated at bid price : 23.91 Bid-YTW : 6.08 %
RY.PR.M	FixedReset Disc	114,258	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-31 Maturity Price : 23.03 Evaluated at bid price : 23.50 Bid-YTW : 5.96 %
GWO.PR.S	Insurance Straight	111,143	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-31 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 6.31 %
IFC.PR.C	FixedReset Ins Non	76,179	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-31 Maturity Price : 20.23 Evaluated at bid price : 20.23 Bid-YTW : 6.90 %
TD.PF.A	FixedReset Disc	71,989	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-31 Maturity Price : 23.42 Evaluated at bid price : 24.37 Bid-YTW : 5.58 %
There were 85 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
BN.PF.E	FixedReset Disc	Quote: 17.00 – 18.75 Spot Rate : 1.7500 Average : 1.0894 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-31 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 8.45 %
BN.PF.A	FixedReset Disc	Quote: 20.87 – 22.45 Spot Rate : 1.5800 Average : 0.9603 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-31 Maturity Price : 20.87 Evaluated at bid price : 20.87 Bid-YTW : 7.70 %
IFC.PR.C	FixedReset Ins Non	Quote: 20.23 – 21.80 Spot Rate : 1.5700 Average : 1.3093 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-31 Maturity Price : 20.23 Evaluated at bid price : 20.23 Bid-YTW : 6.90 %
BN.PR.X	FixedReset Disc	Quote: 16.19 – 17.00 Spot Rate : 0.8100 Average : 0.6224 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-31 Maturity Price : 16.19 Evaluated at bid price : 16.19 Bid-YTW : 7.76 %
MFC.PR.N	FixedReset Ins Non	Quote: 22.00 – 22.50 Spot Rate : 0.5000 Average : 0.3299 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-31 Maturity Price : 21.62 Evaluated at bid price : 22.00 Bid-YTW : 6.26 %
SLF.PR.C	Insurance Straight	Quote: 19.30 – 19.89 Spot Rate : 0.5900 Average : 0.4230 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-31 Maturity Price : 19.30 Evaluated at bid price : 19.30 Bid-YTW : 5.84 %

Market Action

July 30, 2024

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	-0.4635 %	2,252.4
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.4635 %	4,320.0
Floater	9.93 %	10.14 %	25,369	9.41	2	-0.4635 %	2,489.7
OpRet	0.00 %	0.00 %	0	0.00	0	0.1907 %	3,526.5
SplitShare	4.74 %	6.61 %	26,280	1.20	6	0.1907 %	4,211.4
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1907 %	3,285.9
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	0.1709 %	2,806.7
Perpetual-Discount	6.13 %	6.27 %	58,968	13.52	28	0.1709 %	3,060.6
FixedReset Disc	5.14 %	6.95 %	119,562	12.57	49	-0.3874 %	2,629.1
Insurance Straight	6.08 %	6.25 %	63,479	13.52	20	0.1542 %	2,980.3
FloatingReset	8.98 %	8.83 %	29,281	10.53	4	0.0000 %	2,791.0
FixedReset Prem	5.84 %	5.88 %	264,144	11.90	8	-0.3753 %	2,528.8
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	-0.3874 %	2,687.4
FixedReset Ins Non	5.22 %	6.37 %	98,324	13.34	14	-0.3489 %	2,811.7

Performance Highlights
Issue	Index	Change	Notes
PWF.PR.P	FixedReset Disc	-7.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-30 Maturity Price : 14.08 Evaluated at bid price : 14.08 Bid-YTW : 8.05 %
MFC.PR.Q	FixedReset Ins Non	-2.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-30 Maturity Price : 22.63 Evaluated at bid price : 23.50 Bid-YTW : 6.26 %
IFC.PR.A	FixedReset Ins Non	-2.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-30 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 6.80 %
BIP.PR.A	FixedReset Disc	-1.91 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-30 Maturity Price : 21.32 Evaluated at bid price : 21.60 Bid-YTW : 7.72 %
IFC.PR.I	Insurance Straight	-1.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-30 Maturity Price : 21.54 Evaluated at bid price : 21.85 Bid-YTW : 6.25 %
BN.PR.Z	FixedReset Disc	-1.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-30 Maturity Price : 20.22 Evaluated at bid price : 20.22 Bid-YTW : 7.76 %
BN.PR.T	FixedReset Disc	-1.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-30 Maturity Price : 16.36 Evaluated at bid price : 16.36 Bid-YTW : 8.06 %
CU.PR.I	FixedReset Disc	-1.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-30 Maturity Price : 23.55 Evaluated at bid price : 24.00 Bid-YTW : 7.06 %
CU.PR.G	Perpetual-Discount	-1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-30 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 6.20 %
BN.PF.E	FixedReset Disc	-1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-30 Maturity Price : 18.25 Evaluated at bid price : 18.25 Bid-YTW : 7.87 %
TD.PF.E	FixedReset Disc	-1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-30 Maturity Price : 22.94 Evaluated at bid price : 23.42 Bid-YTW : 6.27 %
FTS.PR.K	FixedReset Disc	-1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-30 Maturity Price : 19.65 Evaluated at bid price : 19.65 Bid-YTW : 6.95 %
IFC.PR.G	FixedReset Ins Non	-1.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-30 Maturity Price : 22.22 Evaluated at bid price : 22.78 Bid-YTW : 6.48 %
BN.PR.R	FixedReset Disc	-1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-30 Maturity Price : 16.40 Evaluated at bid price : 16.40 Bid-YTW : 8.02 %
BIP.PR.B	FixedReset Disc	-1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-30 Maturity Price : 23.55 Evaluated at bid price : 23.98 Bid-YTW : 7.93 %
FTS.PR.M	FixedReset Disc	-1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-30 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 7.29 %
FTS.PR.J	Perpetual-Discount	1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-30 Maturity Price : 20.20 Evaluated at bid price : 20.20 Bid-YTW : 5.99 %
GWO.PR.I	Insurance Straight	1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-30 Maturity Price : 18.80 Evaluated at bid price : 18.80 Bid-YTW : 6.06 %
CM.PR.P	FixedReset Disc	1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-30 Maturity Price : 23.30 Evaluated at bid price : 24.06 Bid-YTW : 5.64 %
PVS.PR.K	SplitShare	1.28 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 23.80 Bid-YTW : 5.79 %
IFC.PR.C	FixedReset Ins Non	1.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-30 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 6.81 %
BN.PR.X	FixedReset Disc	1.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-30 Maturity Price : 16.22 Evaluated at bid price : 16.22 Bid-YTW : 7.74 %
BIP.PR.F	FixedReset Disc	1.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-30 Maturity Price : 21.85 Evaluated at bid price : 22.26 Bid-YTW : 7.11 %
GWO.PR.G	Insurance Straight	1.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-30 Maturity Price : 21.03 Evaluated at bid price : 21.03 Bid-YTW : 6.27 %
GWO.PR.Q	Insurance Straight	1.81 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-30 Maturity Price : 20.85 Evaluated at bid price : 20.85 Bid-YTW : 6.26 %
BN.PR.M	Perpetual-Discount	3.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-30 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 6.34 %
PWF.PR.S	Perpetual-Discount	3.97 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-30 Maturity Price : 19.39 Evaluated at bid price : 19.39 Bid-YTW : 6.23 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TD.PF.M	FixedReset Prem	135,002	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-30 Maturity Price : 23.92 Evaluated at bid price : 24.99 Bid-YTW : 6.81 %
TD.PF.C	FixedReset Disc	89,200	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-30 Maturity Price : 23.29 Evaluated at bid price : 24.05 Bid-YTW : 5.65 %
RY.PR.H	FixedReset Prem	88,300	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-09-23 Maturity Price : 25.00 Evaluated at bid price : 24.91 Bid-YTW : 5.46 %
TD.PF.B	FixedReset Prem	33,584	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-30 Maturity Price : 23.92 Evaluated at bid price : 24.99 Bid-YTW : 5.49 %
RY.PR.M	FixedReset Disc	30,801	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-30 Maturity Price : 23.08 Evaluated at bid price : 23.55 Bid-YTW : 5.95 %
NA.PR.C	FixedReset Prem	27,370	YTW SCENARIO Maturity Type : Call Maturity Date : 2027-11-15 Maturity Price : 25.00 Evaluated at bid price : 25.81 Bid-YTW : 5.88 %
There were 16 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
PWF.PR.P	FixedReset Disc	Quote: 14.08 – 15.30 Spot Rate : 1.2200 Average : 0.7328 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-30 Maturity Price : 14.08 Evaluated at bid price : 14.08 Bid-YTW : 8.05 %
IFC.PR.C	FixedReset Ins Non	Quote: 20.50 – 21.80 Spot Rate : 1.3000 Average : 1.0235 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-30 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 6.81 %
BN.PF.B	FixedReset Disc	Quote: 20.62 – 21.76 Spot Rate : 1.1400 Average : 0.8640 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-30 Maturity Price : 20.62 Evaluated at bid price : 20.62 Bid-YTW : 7.34 %
BIP.PR.A	FixedReset Disc	Quote: 21.60 – 22.50 Spot Rate : 0.9000 Average : 0.6457 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-30 Maturity Price : 21.32 Evaluated at bid price : 21.60 Bid-YTW : 7.72 %
RY.PR.J	FixedReset Disc	Quote: 23.76 – 24.40 Spot Rate : 0.6400 Average : 0.3909 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-30 Maturity Price : 23.14 Evaluated at bid price : 23.76 Bid-YTW : 6.12 %
IFC.PR.G	FixedReset Ins Non	Quote: 22.78 – 24.00 Spot Rate : 1.2200 Average : 0.9818 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-30 Maturity Price : 22.22 Evaluated at bid price : 22.78 Bid-YTW : 6.48 %

Market Action

July 29, 2024

TXPR closed at 607.99, down 0.52% on the day. Volume today was 1.91-million, near the median of the past 21 trading days.

CPD closed at 12.08, up 0.67% on the day. Volume was 77,130, well above the median of the past 21 trading days.

ZPR closed at 10.40, down 0.76% on the day. Volume was 178,990, second-highest of the past 21 trading days.

Five-year Canada yields were down to 3.25%.

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	0.0000 %	2,262.9
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.0000 %	4,340.2
Floater	9.88 %	10.07 %	25,642	9.46	2	0.0000 %	2,501.3
OpRet	0.00 %	0.00 %	0	0.00	0	-0.2852 %	3,519.8
SplitShare	4.75 %	6.70 %	27,244	1.20	6	-0.2852 %	4,203.3
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.2852 %	3,279.6
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	0.0650 %	2,801.9
Perpetual-Discount	6.14 %	6.27 %	58,754	13.52	28	0.0650 %	3,055.4
FixedReset Disc	5.12 %	6.88 %	118,612	12.63	49	-0.4562 %	2,639.3
Insurance Straight	6.00 %	6.20 %	63,049	13.59	21	-0.1195 %	2,975.7
FloatingReset	8.98 %	8.88 %	29,639	10.48	4	-0.8637 %	2,791.0
FixedReset Prem	5.82 %	6.00 %	259,816	12.71	8	-0.2512 %	2,538.4
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	-0.4562 %	2,697.9
FixedReset Ins Non	5.21 %	6.39 %	98,693	13.38	14	0.1610 %	2,821.6

Performance Highlights
Issue	Index	Change	Notes
BN.PR.X	FixedReset Disc	-4.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 16.01 Evaluated at bid price : 16.01 Bid-YTW : 7.84 %
IFC.PR.C	FixedReset Ins Non	-3.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 20.24 Evaluated at bid price : 20.24 Bid-YTW : 6.90 %
BN.PR.M	Perpetual-Discount	-2.81 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 18.36 Evaluated at bid price : 18.36 Bid-YTW : 6.56 %
BN.PR.Z	FixedReset Disc	-2.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 20.58 Evaluated at bid price : 20.58 Bid-YTW : 7.62 %
FFH.PR.K	FixedReset Disc	-2.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 21.45 Evaluated at bid price : 21.45 Bid-YTW : 7.57 %
PVS.PR.K	SplitShare	-2.29 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 23.50 Bid-YTW : 6.09 %
CU.PR.C	FixedReset Disc	-2.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 20.10 Evaluated at bid price : 20.10 Bid-YTW : 7.04 %
BIP.PR.B	FixedReset Disc	-1.98 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 23.85 Evaluated at bid price : 24.25 Bid-YTW : 7.84 %
BN.PF.A	FixedReset Disc	-1.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 21.91 Evaluated at bid price : 22.34 Bid-YTW : 7.16 %
MFC.PR.C	Insurance Straight	-1.79 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 19.25 Evaluated at bid price : 19.25 Bid-YTW : 5.93 %
BN.PF.B	FixedReset Disc	-1.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 20.60 Evaluated at bid price : 20.60 Bid-YTW : 7.35 %
IFC.PR.G	FixedReset Ins Non	-1.66 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 22.38 Evaluated at bid price : 23.06 Bid-YTW : 6.39 %
PWF.PR.P	FixedReset Disc	-1.61 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 15.25 Evaluated at bid price : 15.25 Bid-YTW : 7.45 %
BIP.PR.A	FixedReset Disc	-1.61 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 21.63 Evaluated at bid price : 22.02 Bid-YTW : 7.57 %
GWO.PR.N	FixedReset Ins Non	-1.61 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 14.71 Evaluated at bid price : 14.71 Bid-YTW : 7.28 %
FFH.PR.I	FixedReset Disc	-1.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 18.70 Evaluated at bid price : 18.70 Bid-YTW : 7.82 %
FFH.PR.H	FloatingReset	-1.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 18.90 Evaluated at bid price : 18.90 Bid-YTW : 9.55 %
MFC.PR.I	FixedReset Ins Non	-1.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 22.92 Evaluated at bid price : 23.93 Bid-YTW : 6.40 %
FTS.PR.G	FixedReset Disc	-1.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 21.53 Evaluated at bid price : 21.53 Bid-YTW : 6.61 %
BMO.PR.Y	FixedReset Disc	-1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 23.42 Evaluated at bid price : 23.94 Bid-YTW : 6.05 %
BN.PF.E	FixedReset Disc	-1.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 18.49 Evaluated at bid price : 18.49 Bid-YTW : 7.77 %
MFC.PR.J	FixedReset Ins Non	-1.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 23.01 Evaluated at bid price : 24.27 Bid-YTW : 6.14 %
FTS.PR.M	FixedReset Disc	-1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 20.01 Evaluated at bid price : 20.01 Bid-YTW : 7.21 %
CM.PR.P	FixedReset Disc	-1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 23.02 Evaluated at bid price : 23.78 Bid-YTW : 5.70 %
FTS.PR.J	Perpetual-Discount	-1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.05 %
PWF.PR.Z	Perpetual-Discount	-1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 20.65 Evaluated at bid price : 20.65 Bid-YTW : 6.28 %
SLF.PR.G	FixedReset Ins Non	-1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 16.61 Evaluated at bid price : 16.61 Bid-YTW : 6.78 %
FTS.PR.H	FixedReset Disc	-1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 14.95 Evaluated at bid price : 14.95 Bid-YTW : 7.63 %
CU.PR.G	Perpetual-Discount	-1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 18.75 Evaluated at bid price : 18.75 Bid-YTW : 6.11 %
RY.PR.O	Perpetual-Discount	1.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 23.64 Evaluated at bid price : 23.91 Bid-YTW : 5.12 %
BN.PF.G	FixedReset Disc	1.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 18.70 Evaluated at bid price : 18.70 Bid-YTW : 7.95 %
BIP.PR.F	FixedReset Disc	1.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 21.63 Evaluated at bid price : 21.95 Bid-YTW : 7.21 %
BIP.PR.E	FixedReset Disc	1.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 22.37 Evaluated at bid price : 23.00 Bid-YTW : 6.97 %
POW.PR.B	Perpetual-Discount	1.88 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 21.38 Evaluated at bid price : 21.65 Bid-YTW : 6.23 %
POW.PR.A	Perpetual-Discount	1.94 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 22.36 Evaluated at bid price : 22.63 Bid-YTW : 6.24 %
CU.PR.J	Perpetual-Discount	2.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 19.23 Evaluated at bid price : 19.23 Bid-YTW : 6.30 %
PWF.PR.L	Perpetual-Discount	2.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 20.41 Evaluated at bid price : 20.41 Bid-YTW : 6.29 %
CU.PR.I	FixedReset Disc	2.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 24.00 Evaluated at bid price : 24.40 Bid-YTW : 6.95 %
MFC.PR.L	FixedReset Ins Non	7.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 21.65 Evaluated at bid price : 22.01 Bid-YTW : 6.35 %
IFC.PR.A	FixedReset Ins Non	7.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 18.85 Evaluated at bid price : 18.85 Bid-YTW : 6.63 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BMO.PR.E	FixedReset Prem	125,000	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 23.44 Evaluated at bid price : 25.75 Bid-YTW : 6.00 %
CM.PR.S	FixedReset Disc	86,200	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 24.53 Evaluated at bid price : 24.53 Bid-YTW : 5.88 %
CM.PR.P	FixedReset Disc	68,100	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 23.02 Evaluated at bid price : 23.78 Bid-YTW : 5.70 %
TD.PF.J	FixedReset Disc	49,400	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 23.07 Evaluated at bid price : 24.45 Bid-YTW : 6.00 %
NA.PR.S	FixedReset Disc	46,400	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 22.91 Evaluated at bid price : 24.27 Bid-YTW : 5.93 %
BIP.PR.B	FixedReset Disc	40,200	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 23.85 Evaluated at bid price : 24.25 Bid-YTW : 7.84 %
There were 24 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
GWO.PR.S	Insurance Straight	Quote: 21.17 – 22.48 Spot Rate : 1.3100 Average : 0.9179 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 21.17 Evaluated at bid price : 21.17 Bid-YTW : 6.28 %
BN.PR.X	FixedReset Disc	Quote: 16.01 – 16.80 Spot Rate : 0.7900 Average : 0.5116 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 16.01 Evaluated at bid price : 16.01 Bid-YTW : 7.84 %
FTS.PR.M	FixedReset Disc	Quote: 20.01 – 20.64 Spot Rate : 0.6300 Average : 0.3929 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 20.01 Evaluated at bid price : 20.01 Bid-YTW : 7.21 %
PVS.PR.K	SplitShare	Quote: 23.50 – 24.10 Spot Rate : 0.6000 Average : 0.3649 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 23.50 Bid-YTW : 6.09 %
IFC.PR.G	FixedReset Ins Non	Quote: 23.06 – 24.00 Spot Rate : 0.9400 Average : 0.7206 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 22.38 Evaluated at bid price : 23.06 Bid-YTW : 6.39 %
CCS.PR.C	Insurance Straight	Quote: 20.15 – 20.71 Spot Rate : 0.5600 Average : 0.3483 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-29 Maturity Price : 20.15 Evaluated at bid price : 20.15 Bid-YTW : 6.29 %

Market Action

July 26, 2024

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	0.9358 %	2,262.9
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.9358 %	4,340.2
Floater	9.88 %	10.06 %	25,680	9.47	2	0.9358 %	2,501.3
OpRet	0.00 %	0.00 %	0	0.00	0	0.2792 %	3,529.8
SplitShare	4.74 %	6.66 %	28,208	1.21	6	0.2792 %	4,215.4
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.2792 %	3,289.0
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	0.2176 %	2,800.1
Perpetual-Discount	6.15 %	6.27 %	58,937	13.53	28	0.2176 %	3,053.4
FixedReset Disc	5.10 %	6.98 %	115,724	12.44	49	-0.0548 %	2,651.4
Insurance Straight	5.99 %	6.20 %	62,210	13.60	21	0.0552 %	2,979.3
FloatingReset	8.93 %	8.86 %	28,950	10.51	4	0.0381 %	2,815.3
FixedReset Prem	5.80 %	6.13 %	240,509	3.91	8	-0.0443 %	2,544.8
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	-0.0548 %	2,710.3
FixedReset Ins Non	5.22 %	6.51 %	97,381	13.36	14	-0.8426 %	2,817.1

Performance Highlights
Issue	Index	Change	Notes
MFC.PR.L	FixedReset Ins Non	-8.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-26 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 6.98 %
BN.PF.G	FixedReset Disc	-3.92 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-26 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 8.27 %
MFC.PR.F	FixedReset Ins Non	-2.92 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-26 Maturity Price : 16.60 Evaluated at bid price : 16.60 Bid-YTW : 6.82 %
PWF.PR.S	Perpetual-Discount	-2.81 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-26 Maturity Price : 18.65 Evaluated at bid price : 18.65 Bid-YTW : 6.48 %
CU.PR.J	Perpetual-Discount	-2.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-26 Maturity Price : 18.82 Evaluated at bid price : 18.82 Bid-YTW : 6.43 %
PWF.PR.L	Perpetual-Discount	-2.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-26 Maturity Price : 19.91 Evaluated at bid price : 19.91 Bid-YTW : 6.45 %
IFC.PR.C	FixedReset Ins Non	-2.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-26 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 6.81 %
SLF.PR.C	Insurance Straight	-1.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-26 Maturity Price : 19.30 Evaluated at bid price : 19.30 Bid-YTW : 5.83 %
NA.PR.E	FixedReset Disc	-1.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-26 Maturity Price : 22.82 Evaluated at bid price : 23.88 Bid-YTW : 6.19 %
RY.PR.O	Perpetual-Discount	-1.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-26 Maturity Price : 23.33 Evaluated at bid price : 23.60 Bid-YTW : 5.18 %
SLF.PR.J	FloatingReset	-1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-26 Maturity Price : 17.08 Evaluated at bid price : 17.08 Bid-YTW : 8.86 %
GWO.PR.Q	Insurance Straight	-1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-26 Maturity Price : 20.52 Evaluated at bid price : 20.52 Bid-YTW : 6.36 %
RY.PR.N	Perpetual-Discount	-1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-26 Maturity Price : 23.52 Evaluated at bid price : 23.79 Bid-YTW : 5.14 %
GWO.PR.G	Insurance Straight	-1.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-26 Maturity Price : 20.80 Evaluated at bid price : 20.80 Bid-YTW : 6.33 %
GWO.PR.I	Insurance Straight	-1.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-26 Maturity Price : 18.60 Evaluated at bid price : 18.60 Bid-YTW : 6.13 %
FTS.PR.H	FixedReset Disc	-1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-26 Maturity Price : 15.12 Evaluated at bid price : 15.12 Bid-YTW : 7.78 %
PVS.PR.K	SplitShare	1.05 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 24.05 Bid-YTW : 5.53 %
PVS.PR.J	SplitShare	1.05 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2028-02-29 Maturity Price : 25.00 Evaluated at bid price : 24.00 Bid-YTW : 5.87 %
PWF.PR.G	Perpetual-Discount	1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-26 Maturity Price : 23.20 Evaluated at bid price : 23.50 Bid-YTW : 6.30 %
GWO.PR.S	Insurance Straight	1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-26 Maturity Price : 21.23 Evaluated at bid price : 21.23 Bid-YTW : 6.26 %
CU.PR.G	Perpetual-Discount	1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-26 Maturity Price : 18.95 Evaluated at bid price : 18.95 Bid-YTW : 6.05 %
CU.PR.I	FixedReset Disc	1.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-26 Maturity Price : 23.29 Evaluated at bid price : 23.75 Bid-YTW : 7.28 %
POW.PR.D	Perpetual-Discount	1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-26 Maturity Price : 20.42 Evaluated at bid price : 20.42 Bid-YTW : 6.18 %
BN.PF.C	Perpetual-Discount	1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-26 Maturity Price : 19.25 Evaluated at bid price : 19.25 Bid-YTW : 6.38 %
PWF.PR.Z	Perpetual-Discount	1.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-26 Maturity Price : 20.90 Evaluated at bid price : 20.90 Bid-YTW : 6.20 %
FFH.PR.G	FixedReset Disc	1.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-26 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 7.97 %
CU.PR.D	Perpetual-Discount	1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-26 Maturity Price : 20.40 Evaluated at bid price : 20.40 Bid-YTW : 6.12 %
BN.PF.D	Perpetual-Discount	1.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-26 Maturity Price : 19.28 Evaluated at bid price : 19.28 Bid-YTW : 6.44 %
BN.PR.K	Floater	1.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-26 Maturity Price : 11.88 Evaluated at bid price : 11.88 Bid-YTW : 10.06 %
GWO.PR.N	FixedReset Ins Non	1.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-26 Maturity Price : 14.95 Evaluated at bid price : 14.95 Bid-YTW : 7.39 %
MFC.PR.C	Insurance Straight	1.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-26 Maturity Price : 19.60 Evaluated at bid price : 19.60 Bid-YTW : 5.82 %
SLF.PR.E	Insurance Straight	2.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-26 Maturity Price : 19.55 Evaluated at bid price : 19.55 Bid-YTW : 5.82 %
BN.PR.M	Perpetual-Discount	2.94 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-26 Maturity Price : 18.89 Evaluated at bid price : 18.89 Bid-YTW : 6.37 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TD.PF.M	FixedReset Prem	114,140	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-08-30 Maturity Price : 25.00 Evaluated at bid price : 24.99 Bid-YTW : 6.47 %
RY.PR.M	FixedReset Disc	75,516	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-26 Maturity Price : 23.25 Evaluated at bid price : 23.72 Bid-YTW : 6.06 %
BMO.PR.T	FixedReset Disc	67,653	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-08-25 Maturity Price : 25.00 Evaluated at bid price : 25.12 Bid-YTW : 5.22 %
CM.PR.O	FixedReset Disc	65,048	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-26 Maturity Price : 23.96 Evaluated at bid price : 24.99 Bid-YTW : 5.71 %
BMO.PR.W	FixedReset Disc	60,236	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-26 Maturity Price : 24.03 Evaluated at bid price : 24.77 Bid-YTW : 5.68 %
BN.PR.T	FixedReset Disc	35,921	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-26 Maturity Price : 16.65 Evaluated at bid price : 16.65 Bid-YTW : 8.10 %
There were 12 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
MFC.PR.L	FixedReset Ins Non	Quote: 20.50 – 22.50 Spot Rate : 2.0000 Average : 1.1186 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-26 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 6.98 %
CU.PR.J	Perpetual-Discount	Quote: 18.82 – 19.91 Spot Rate : 1.0900 Average : 0.7183 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-26 Maturity Price : 18.82 Evaluated at bid price : 18.82 Bid-YTW : 6.43 %
IFC.PR.A	FixedReset Ins Non	Quote: 17.50 – 19.61 Spot Rate : 2.1100 Average : 1.7527 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-26 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 7.32 %
PWF.PR.K	Perpetual-Discount	Quote: 19.93 – 20.80 Spot Rate : 0.8700 Average : 0.5263 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-26 Maturity Price : 19.93 Evaluated at bid price : 19.93 Bid-YTW : 6.25 %
BN.PF.G	FixedReset Disc	Quote: 18.40 – 19.18 Spot Rate : 0.7800 Average : 0.4519 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-26 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 8.27 %
BIP.PR.E	FixedReset Disc	Quote: 22.60 – 23.41 Spot Rate : 0.8100 Average : 0.4939 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-26 Maturity Price : 22.12 Evaluated at bid price : 22.60 Bid-YTW : 7.23 %

Market Action

July 25, 2024

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	-0.3391 %	2,241.9
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.3391 %	4,299.9
Floater	9.97 %	10.12 %	87,148	9.43	2	-0.3391 %	2,478.1
OpRet	0.00 %	0.00 %	0	0.00	0	-0.1156 %	3,520.0
SplitShare	4.75 %	6.19 %	27,886	1.21	6	-0.1156 %	4,203.6
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.1156 %	3,279.8
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	1.1684 %	2,794.0
Perpetual-Discount	6.16 %	6.29 %	58,371	13.52	28	1.1684 %	3,046.7
FixedReset Disc	5.10 %	7.04 %	116,539	12.44	49	-0.2002 %	2,652.9
Insurance Straight	6.00 %	6.22 %	61,567	13.57	21	0.3045 %	2,977.6
FloatingReset	8.94 %	8.75 %	30,115	10.59	4	0.5751 %	2,814.3
FixedReset Prem	5.80 %	6.10 %	238,740	3.91	8	0.1875 %	2,545.9
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	-0.2002 %	2,711.8
FixedReset Ins Non	5.17 %	6.43 %	98,093	13.34	14	0.3512 %	2,841.0

Performance Highlights
Issue	Index	Change	Notes
IFC.PR.A	FixedReset Ins Non	-10.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 7.32 %
SLF.PR.E	Insurance Straight	-2.94 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 19.12 Evaluated at bid price : 19.12 Bid-YTW : 5.96 %
FFH.PR.G	FixedReset Disc	-1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 17.75 Evaluated at bid price : 17.75 Bid-YTW : 8.08 %
FTS.PR.H	FixedReset Disc	-1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 15.30 Evaluated at bid price : 15.30 Bid-YTW : 7.69 %
CU.PR.C	FixedReset Disc	-1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 7.06 %
BN.PR.M	Perpetual-Discount	-1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 18.35 Evaluated at bid price : 18.35 Bid-YTW : 6.56 %
GWO.PR.G	Insurance Straight	1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 21.07 Evaluated at bid price : 21.07 Bid-YTW : 6.25 %
CU.PR.D	Perpetual-Discount	1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 20.11 Evaluated at bid price : 20.11 Bid-YTW : 6.20 %
FFH.PR.H	FloatingReset	1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 19.15 Evaluated at bid price : 19.15 Bid-YTW : 9.44 %
PWF.PR.E	Perpetual-Discount	1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 21.66 Evaluated at bid price : 21.91 Bid-YTW : 6.30 %
GWO.PR.T	Insurance Straight	1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 6.28 %
POW.PR.B	Perpetual-Discount	1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 21.43 Evaluated at bid price : 21.43 Bid-YTW : 6.30 %
PWF.PR.H	Perpetual-Discount	1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 22.45 Evaluated at bid price : 22.71 Bid-YTW : 6.36 %
GWO.PR.Y	Insurance Straight	1.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 18.39 Evaluated at bid price : 18.39 Bid-YTW : 6.19 %
RY.PR.N	Perpetual-Discount	1.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 23.83 Evaluated at bid price : 24.10 Bid-YTW : 5.07 %
RY.PR.O	Perpetual-Discount	1.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 23.73 Evaluated at bid price : 24.00 Bid-YTW : 5.09 %
NA.PR.G	FixedReset Prem	1.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 23.40 Evaluated at bid price : 25.59 Bid-YTW : 6.18 %
BN.PF.C	Perpetual-Discount	1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 6.47 %
GWO.PR.Q	Insurance Straight	1.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 20.80 Evaluated at bid price : 20.80 Bid-YTW : 6.27 %
GWO.PR.R	Insurance Straight	1.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 19.53 Evaluated at bid price : 19.53 Bid-YTW : 6.22 %
POW.PR.D	Perpetual-Discount	1.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 20.16 Evaluated at bid price : 20.16 Bid-YTW : 6.26 %
POW.PR.C	Perpetual-Discount	1.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 23.15 Evaluated at bid price : 23.45 Bid-YTW : 6.23 %
FTS.PR.J	Perpetual-Discount	1.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 5.97 %
GWO.PR.H	Insurance Straight	1.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 19.70 Evaluated at bid price : 19.70 Bid-YTW : 6.23 %
BN.PF.D	Perpetual-Discount	1.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 6.53 %
PWF.PR.L	Perpetual-Discount	1.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 20.35 Evaluated at bid price : 20.35 Bid-YTW : 6.31 %
CU.PR.E	Perpetual-Discount	1.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 20.15 Evaluated at bid price : 20.15 Bid-YTW : 6.19 %
GWO.PR.I	Insurance Straight	1.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 18.83 Evaluated at bid price : 18.83 Bid-YTW : 6.05 %
PWF.PR.F	Perpetual-Discount	1.65 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 20.99 Evaluated at bid price : 20.99 Bid-YTW : 6.29 %
PWF.PR.K	Perpetual-Discount	1.68 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 19.93 Evaluated at bid price : 19.93 Bid-YTW : 6.25 %
CU.PR.G	Perpetual-Discount	1.68 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 18.72 Evaluated at bid price : 18.72 Bid-YTW : 6.12 %
BN.PR.N	Perpetual-Discount	1.90 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 18.74 Evaluated at bid price : 18.74 Bid-YTW : 6.42 %
SLF.PR.J	FloatingReset	1.94 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 17.33 Evaluated at bid price : 17.33 Bid-YTW : 8.73 %
PWF.PR.Z	Perpetual-Discount	2.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 20.61 Evaluated at bid price : 20.61 Bid-YTW : 6.29 %
IFC.PR.C	FixedReset Ins Non	2.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 21.45 Evaluated at bid price : 21.45 Bid-YTW : 6.67 %
PWF.PF.A	Perpetual-Discount	2.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 6.19 %
MFC.PR.F	FixedReset Ins Non	2.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 17.10 Evaluated at bid price : 17.10 Bid-YTW : 6.62 %
PWF.PR.O	Perpetual-Discount	2.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 22.93 Evaluated at bid price : 23.20 Bid-YTW : 6.28 %
PWF.PR.S	Perpetual-Discount	2.90 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 19.19 Evaluated at bid price : 19.19 Bid-YTW : 6.29 %
MFC.PR.Q	FixedReset Ins Non	8.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 22.86 Evaluated at bid price : 24.00 Bid-YTW : 6.23 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TD.PF.B	FixedReset Prem	210,142	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 23.93 Evaluated at bid price : 24.97 Bid-YTW : 5.66 %
GWO.PR.R	Insurance Straight	130,283	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 19.53 Evaluated at bid price : 19.53 Bid-YTW : 6.22 %
RY.PR.J	FixedReset Disc	54,270	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 23.46 Evaluated at bid price : 24.06 Bid-YTW : 6.20 %
PWF.PR.O	Perpetual-Discount	47,600	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 22.93 Evaluated at bid price : 23.20 Bid-YTW : 6.28 %
PWF.PF.A	Perpetual-Discount	45,340	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 6.19 %
PWF.PR.K	Perpetual-Discount	36,628	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 19.93 Evaluated at bid price : 19.93 Bid-YTW : 6.25 %
There were 21 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
IFC.PR.A	FixedReset Ins Non	Quote: 17.50 – 19.65 Spot Rate : 2.1500 Average : 1.3610 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 7.32 %
PWF.PR.O	Perpetual-Discount	Quote: 23.20 – 24.20 Spot Rate : 1.0000 Average : 0.5833 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 22.93 Evaluated at bid price : 23.20 Bid-YTW : 6.28 %
SLF.PR.E	Insurance Straight	Quote: 19.12 – 20.16 Spot Rate : 1.0400 Average : 0.6727 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 19.12 Evaluated at bid price : 19.12 Bid-YTW : 5.96 %
IFC.PR.E	Insurance Straight	Quote: 21.64 – 23.64 Spot Rate : 2.0000 Average : 1.6443 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 21.64 Evaluated at bid price : 21.64 Bid-YTW : 6.08 %
BN.PR.M	Perpetual-Discount	Quote: 18.35 – 19.39 Spot Rate : 1.0400 Average : 0.7183 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 18.35 Evaluated at bid price : 18.35 Bid-YTW : 6.56 %
IFC.PR.F	Insurance Straight	Quote: 20.66 – 22.99 Spot Rate : 2.3300 Average : 2.0262 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-25 Maturity Price : 20.66 Evaluated at bid price : 20.66 Bid-YTW : 6.50 %

Market Action

July 24, 2024

PerpetualDiscounts now yield 6.48%, equivalent to 8.42% interest at the standard equivalency factor of 1.3x. Long corporates yielded 5.12% on 2024-6-30 (sic! That was a Sunday. I am assuming 2024-6-28) and since then the closing price of ZLC has changed from 14.82 to 14.91, an increase of 61bp in price, implying a decrease of yields of 5bp (BMO reports a duration of 12.33, but don’t disclose whether this is Macaulay or Modified; I will assume Modified) to 5.07%. Therefore, the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed to 335bp from the 345bp reported July 17.

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	0.8551 %	2,249.5
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.8551 %	4,314.6
Floater	10.31 %	10.48 %	87,422	9.16	2	0.8551 %	2,486.5
OpRet	0.00 %	0.00 %	0	0.00	0	0.0885 %	3,524.1
SplitShare	4.74 %	6.32 %	28,099	1.21	6	0.0885 %	4,208.5
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0885 %	3,283.6
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	0.3409 %	2,761.8
Perpetual-Discount	6.23 %	6.38 %	57,693	13.38	28	0.3409 %	3,011.6
FixedReset Disc	5.09 %	7.01 %	118,208	12.44	49	0.2658 %	2,658.2
Insurance Straight	6.02 %	6.30 %	63,513	13.47	21	0.0901 %	2,968.6
FloatingReset	8.99 %	8.90 %	29,319	10.47	4	-0.8992 %	2,798.2
FixedReset Prem	5.81 %	5.86 %	237,306	2.96	8	-0.0049 %	2,541.1
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.2658 %	2,717.2
FixedReset Ins Non	5.19 %	6.52 %	90,964	13.31	14	1.9926 %	2,831.0

Performance Highlights
Issue	Index	Change	Notes
IFC.PR.F	Insurance Straight	-6.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-24 Maturity Price : 20.65 Evaluated at bid price : 20.65 Bid-YTW : 6.50 %
SLF.PR.J	FloatingReset	-3.57 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-24 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 8.90 %
IFC.PR.C	FixedReset Ins Non	-3.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-24 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 6.80 %
PWF.PR.S	Perpetual-Discount	-1.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-24 Maturity Price : 18.65 Evaluated at bid price : 18.65 Bid-YTW : 6.48 %
MIC.PR.A	Perpetual-Discount	-1.57 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-24 Maturity Price : 20.08 Evaluated at bid price : 20.08 Bid-YTW : 6.81 %
BN.PF.H	FixedReset Disc	-1.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-24 Maturity Price : 23.16 Evaluated at bid price : 23.60 Bid-YTW : 7.79 %
BN.PF.B	FixedReset Disc	1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-24 Maturity Price : 21.08 Evaluated at bid price : 21.08 Bid-YTW : 7.30 %
BN.PF.F	FixedReset Disc	1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-24 Maturity Price : 20.21 Evaluated at bid price : 20.21 Bid-YTW : 7.80 %
SLF.PR.D	Insurance Straight	1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-24 Maturity Price : 19.57 Evaluated at bid price : 19.57 Bid-YTW : 5.75 %
MFC.PR.N	FixedReset Ins Non	1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-24 Maturity Price : 21.56 Evaluated at bid price : 21.92 Bid-YTW : 6.45 %
POW.PR.D	Perpetual-Discount	1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-24 Maturity Price : 19.88 Evaluated at bid price : 19.88 Bid-YTW : 6.35 %
BN.PR.M	Perpetual-Discount	1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-24 Maturity Price : 18.56 Evaluated at bid price : 18.56 Bid-YTW : 6.48 %
CU.PR.J	Perpetual-Discount	1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-24 Maturity Price : 19.12 Evaluated at bid price : 19.12 Bid-YTW : 6.33 %
PWF.PR.R	Perpetual-Discount	1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-24 Maturity Price : 21.38 Evaluated at bid price : 21.65 Bid-YTW : 6.38 %
BN.PR.N	Perpetual-Discount	1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-24 Maturity Price : 18.39 Evaluated at bid price : 18.39 Bid-YTW : 6.54 %
SLF.PR.E	Insurance Straight	1.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-24 Maturity Price : 19.70 Evaluated at bid price : 19.70 Bid-YTW : 5.78 %
BN.PR.B	Floater	1.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-24 Maturity Price : 11.84 Evaluated at bid price : 11.84 Bid-YTW : 10.48 %
BN.PR.T	FixedReset Disc	1.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-24 Maturity Price : 16.75 Evaluated at bid price : 16.75 Bid-YTW : 8.05 %
NA.PR.E	FixedReset Disc	1.76 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-24 Maturity Price : 23.00 Evaluated at bid price : 24.30 Bid-YTW : 6.07 %
CU.PR.C	FixedReset Disc	6.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-24 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 6.97 %
IFC.PR.A	FixedReset Ins Non	8.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-24 Maturity Price : 19.63 Evaluated at bid price : 19.63 Bid-YTW : 6.52 %
MFC.PR.M	FixedReset Ins Non	31.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-24 Maturity Price : 21.54 Evaluated at bid price : 21.88 Bid-YTW : 6.58 %

Volume Highlights
Issue	Index	Shares Traded	Notes
RY.PR.N	Perpetual-Discount	532,300	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-24 Maturity Price : 23.83 Evaluated at bid price : 24.10 Bid-YTW : 5.16 %
TD.PF.B	FixedReset Prem	300,902	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-24 Maturity Price : 23.94 Evaluated at bid price : 24.97 Bid-YTW : 5.65 %
BMO.PR.Y	FixedReset Disc	42,378	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-24 Maturity Price : 23.67 Evaluated at bid price : 24.17 Bid-YTW : 6.14 %
BMO.PR.W	FixedReset Disc	41,600	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-24 Maturity Price : 24.01 Evaluated at bid price : 24.75 Bid-YTW : 5.68 %
PWF.PR.K	Perpetual-Discount	40,959	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-24 Maturity Price : 19.60 Evaluated at bid price : 19.60 Bid-YTW : 6.35 %
POW.PR.D	Perpetual-Discount	34,500	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-24 Maturity Price : 19.88 Evaluated at bid price : 19.88 Bid-YTW : 6.35 %
There were 13 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
PWF.PR.S	Perpetual-Discount	Quote: 18.65 – 20.88 Spot Rate : 2.2300 Average : 1.2199 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-24 Maturity Price : 18.65 Evaluated at bid price : 18.65 Bid-YTW : 6.48 %
IFC.PR.E	Insurance Straight	Quote: 21.64 – 23.64 Spot Rate : 2.0000 Average : 1.2544 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-24 Maturity Price : 21.64 Evaluated at bid price : 21.64 Bid-YTW : 6.08 %
GWO.PR.S	Insurance Straight	Quote: 20.95 – 22.48 Spot Rate : 1.5300 Average : 0.8670 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-24 Maturity Price : 20.95 Evaluated at bid price : 20.95 Bid-YTW : 6.34 %
IFC.PR.F	Insurance Straight	Quote: 20.65 – 22.99 Spot Rate : 2.3400 Average : 1.6931 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-24 Maturity Price : 20.65 Evaluated at bid price : 20.65 Bid-YTW : 6.50 %
POW.PR.B	Perpetual-Discount	Quote: 21.18 – 22.90 Spot Rate : 1.7200 Average : 1.1747 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-24 Maturity Price : 21.18 Evaluated at bid price : 21.18 Bid-YTW : 6.38 %
MFC.PR.Q	FixedReset Ins Non	Quote: 22.15 – 24.50 Spot Rate : 2.3500 Average : 1.9583 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-24 Maturity Price : 21.80 Evaluated at bid price : 22.15 Bid-YTW : 6.80 %

Market Action

July 23, 2024

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	1.3432 %	2,230.4
FixedFloater	0.00 %	0.00 %	0	0.00	0	1.3432 %	4,278.0
Floater	10.40 %	10.59 %	26,475	9.08	2	1.3432 %	2,465.4
OpRet	0.00 %	0.00 %	0	0.00	0	0.2115 %	3,521.0
SplitShare	4.75 %	6.31 %	29,249	1.22	6	0.2115 %	4,204.8
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.2115 %	3,280.7
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	0.4438 %	2,752.4
Perpetual-Discount	6.25 %	6.41 %	56,080	13.33	28	0.4438 %	3,001.3
FixedReset Disc	5.10 %	7.04 %	120,728	12.44	49	-0.0966 %	2,651.1
Insurance Straight	6.02 %	6.29 %	63,582	13.48	21	0.8195 %	2,965.9
FloatingReset	8.91 %	8.70 %	28,989	10.64	4	0.5988 %	2,823.6
FixedReset Prem	5.81 %	6.11 %	239,162	11.91	8	0.0988 %	2,541.3
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	-0.0966 %	2,710.0
FixedReset Ins Non	5.29 %	6.55 %	90,174	13.27	14	-2.2304 %	2,775.7

Performance Highlights
Issue	Index	Change	Notes
MFC.PR.M	FixedReset Ins Non	-23.88 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-23 Maturity Price : 16.67 Evaluated at bid price : 16.67 Bid-YTW : 8.67 %
MFC.PR.Q	FixedReset Ins Non	-7.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-23 Maturity Price : 21.80 Evaluated at bid price : 22.15 Bid-YTW : 6.80 %
CU.PR.C	FixedReset Disc	-6.81 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-23 Maturity Price : 19.44 Evaluated at bid price : 19.44 Bid-YTW : 7.44 %
IFC.PR.A	FixedReset Ins Non	-5.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-23 Maturity Price : 18.15 Evaluated at bid price : 18.15 Bid-YTW : 7.05 %
NA.PR.E	FixedReset Disc	-1.81 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-23 Maturity Price : 22.82 Evaluated at bid price : 23.88 Bid-YTW : 6.19 %
BN.PR.T	FixedReset Disc	-1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-23 Maturity Price : 16.50 Evaluated at bid price : 16.50 Bid-YTW : 8.16 %
BN.PF.H	FixedReset Disc	-1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-23 Maturity Price : 23.52 Evaluated at bid price : 23.95 Bid-YTW : 7.68 %
BN.PR.R	FixedReset Disc	-1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-23 Maturity Price : 16.60 Evaluated at bid price : 16.60 Bid-YTW : 8.11 %
MFC.PR.I	FixedReset Ins Non	1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-23 Maturity Price : 23.21 Evaluated at bid price : 24.60 Bid-YTW : 6.33 %
BN.PR.B	Floater	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-23 Maturity Price : 11.68 Evaluated at bid price : 11.68 Bid-YTW : 10.62 %
SLF.PR.C	Insurance Straight	1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-23 Maturity Price : 19.59 Evaluated at bid price : 19.59 Bid-YTW : 5.74 %
BN.PF.F	FixedReset Disc	1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-23 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 7.88 %
FTS.PR.J	Perpetual-Discount	1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-23 Maturity Price : 19.90 Evaluated at bid price : 19.90 Bid-YTW : 6.07 %
CU.PR.E	Perpetual-Discount	1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-23 Maturity Price : 19.79 Evaluated at bid price : 19.79 Bid-YTW : 6.30 %
MIC.PR.A	Perpetual-Discount	1.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-23 Maturity Price : 20.40 Evaluated at bid price : 20.40 Bid-YTW : 6.70 %
PVS.PR.J	SplitShare	1.27 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2028-02-29 Maturity Price : 25.00 Evaluated at bid price : 23.85 Bid-YTW : 6.05 %
CU.PR.D	Perpetual-Discount	1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-23 Maturity Price : 19.78 Evaluated at bid price : 19.78 Bid-YTW : 6.31 %
BN.PR.K	Floater	1.65 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-23 Maturity Price : 11.71 Evaluated at bid price : 11.71 Bid-YTW : 10.59 %
IFC.PR.C	FixedReset Ins Non	1.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-23 Maturity Price : 21.37 Evaluated at bid price : 21.69 Bid-YTW : 6.58 %
MFC.PR.F	FixedReset Ins Non	2.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-23 Maturity Price : 16.75 Evaluated at bid price : 16.75 Bid-YTW : 6.75 %
MFC.PR.B	Insurance Straight	2.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-23 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 5.89 %
GWO.PR.T	Insurance Straight	3.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-23 Maturity Price : 20.40 Evaluated at bid price : 20.40 Bid-YTW : 6.39 %
IFC.PR.F	Insurance Straight	6.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-23 Maturity Price : 22.02 Evaluated at bid price : 22.02 Bid-YTW : 6.09 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BMO.PR.T	FixedReset Disc	100,027	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-23 Maturity Price : 24.14 Evaluated at bid price : 25.10 Bid-YTW : 5.63 %
RY.PR.J	FixedReset Disc	98,567	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-23 Maturity Price : 23.69 Evaluated at bid price : 24.26 Bid-YTW : 6.21 %
RY.PR.M	FixedReset Disc	81,000	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-23 Maturity Price : 23.51 Evaluated at bid price : 23.96 Bid-YTW : 6.05 %
BMO.PR.W	FixedReset Disc	67,500	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-23 Maturity Price : 24.09 Evaluated at bid price : 24.80 Bid-YTW : 5.67 %
FTS.PR.M	FixedReset Disc	60,439	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-23 Maturity Price : 20.42 Evaluated at bid price : 20.42 Bid-YTW : 7.25 %
MFC.PR.M	FixedReset Ins Non	60,200	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-23 Maturity Price : 16.67 Evaluated at bid price : 16.67 Bid-YTW : 8.67 %
There were 13 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
MFC.PR.M	FixedReset Ins Non	Quote: 16.67 – 22.30 Spot Rate : 5.6300 Average : 3.2793 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-23 Maturity Price : 16.67 Evaluated at bid price : 16.67 Bid-YTW : 8.67 %
MFC.PR.Q	FixedReset Ins Non	Quote: 22.15 – 24.50 Spot Rate : 2.3500 Average : 1.5289 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-23 Maturity Price : 21.80 Evaluated at bid price : 22.15 Bid-YTW : 6.80 %
GWO.PR.I	Insurance Straight	Quote: 18.53 – 20.12 Spot Rate : 1.5900 Average : 0.9362 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-23 Maturity Price : 18.53 Evaluated at bid price : 18.53 Bid-YTW : 6.14 %
IFC.PR.A	FixedReset Ins Non	Quote: 18.15 – 19.72 Spot Rate : 1.5700 Average : 0.9409 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-23 Maturity Price : 18.15 Evaluated at bid price : 18.15 Bid-YTW : 7.05 %
CU.PR.C	FixedReset Disc	Quote: 19.44 – 21.05 Spot Rate : 1.6100 Average : 1.0758 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-23 Maturity Price : 19.44 Evaluated at bid price : 19.44 Bid-YTW : 7.44 %
FTS.PR.K	FixedReset Disc	Quote: 19.99 – 21.25 Spot Rate : 1.2600 Average : 0.7321 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-23 Maturity Price : 19.99 Evaluated at bid price : 19.99 Bid-YTW : 6.96 %

Market Action

July 22, 2024

TXPR closed at 607.77, up 0.53% on the day after setting a new 52-week high. Volume today was 1.53-million, near the median of the past 21 trading days.

CPD closed at 12.09, up 0.33% on the day. Volume was 173,500, second-highest of the past 21 trading days.

ZPR closed at 10.42, up 0.58% on the day after setting a new 52-week high. Volume was 128,180, above the median of the past 21 trading days.

Five-year Canada yields were up to 3.40%.

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	1.0951 %	2,200.9
FixedFloater	0.00 %	0.00 %	0	0.00	0	1.0951 %	4,221.3
Floater	10.54 %	10.73 %	87,448	8.98	2	1.0951 %	2,432.7
OpRet	0.00 %	0.00 %	0	0.00	0	0.0751 %	3,513.5
SplitShare	4.76 %	6.43 %	29,490	1.22	6	0.0751 %	4,195.9
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0751 %	3,273.8
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	0.7516 %	2,740.2
Perpetual-Discount	6.28 %	6.44 %	57,384	13.30	28	0.7516 %	2,988.1
FixedReset Disc	5.10 %	6.95 %	122,197	12.53	49	0.6814 %	2,653.7
Insurance Straight	6.07 %	6.32 %	64,229	13.44	21	0.0466 %	2,941.8
FloatingReset	8.96 %	8.72 %	29,113	10.63	4	0.2427 %	2,806.7
FixedReset Prem	5.81 %	6.13 %	245,554	11.90	8	0.0395 %	2,538.8
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.6814 %	2,712.6
FixedReset Ins Non	5.17 %	6.57 %	90,338	13.26	14	1.7857 %	2,839.1

Performance Highlights
Issue	Index	Change	Notes
IFC.PR.F	Insurance Straight	-6.73 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-22 Maturity Price : 20.65 Evaluated at bid price : 20.65 Bid-YTW : 6.50 %
GWO.PR.T	Insurance Straight	-1.99 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-22 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 6.60 %
BIK.PR.A	FixedReset Prem	-1.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-22 Maturity Price : 23.27 Evaluated at bid price : 25.26 Bid-YTW : 7.35 %
BN.PR.R	FixedReset Disc	1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-22 Maturity Price : 16.77 Evaluated at bid price : 16.77 Bid-YTW : 8.03 %
POW.PR.D	Perpetual-Discount	1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-22 Maturity Price : 19.65 Evaluated at bid price : 19.65 Bid-YTW : 6.42 %
MFC.PR.K	FixedReset Ins Non	1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-22 Maturity Price : 22.79 Evaluated at bid price : 23.90 Bid-YTW : 6.11 %
GWO.PR.Y	Insurance Straight	1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-22 Maturity Price : 18.12 Evaluated at bid price : 18.12 Bid-YTW : 6.28 %
CU.PR.J	Perpetual-Discount	1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-22 Maturity Price : 18.81 Evaluated at bid price : 18.81 Bid-YTW : 6.43 %
BN.PF.D	Perpetual-Discount	1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-22 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 6.71 %
POW.PR.G	Perpetual-Discount	1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-22 Maturity Price : 21.59 Evaluated at bid price : 21.85 Bid-YTW : 6.45 %
BN.PR.T	FixedReset Disc	1.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-22 Maturity Price : 16.70 Evaluated at bid price : 16.70 Bid-YTW : 8.07 %
BIP.PR.F	FixedReset Disc	1.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-22 Maturity Price : 21.31 Evaluated at bid price : 21.59 Bid-YTW : 7.46 %
BN.PR.B	Floater	1.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-22 Maturity Price : 11.56 Evaluated at bid price : 11.56 Bid-YTW : 10.73 %
NA.PR.C	FixedReset Prem	1.34 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2027-11-15 Maturity Price : 25.00 Evaluated at bid price : 25.65 Bid-YTW : 6.05 %
CU.PR.E	Perpetual-Discount	1.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-22 Maturity Price : 19.57 Evaluated at bid price : 19.57 Bid-YTW : 6.37 %
GWO.PR.S	Insurance Straight	1.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-22 Maturity Price : 20.69 Evaluated at bid price : 20.69 Bid-YTW : 6.42 %
GWO.PR.N	FixedReset Ins Non	1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-22 Maturity Price : 14.82 Evaluated at bid price : 14.82 Bid-YTW : 7.45 %
POW.PR.B	Perpetual-Discount	1.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-22 Maturity Price : 20.97 Evaluated at bid price : 20.97 Bid-YTW : 6.44 %
GWO.PR.G	Insurance Straight	1.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-22 Maturity Price : 20.80 Evaluated at bid price : 20.80 Bid-YTW : 6.33 %
BIP.PR.B	FixedReset Disc	1.65 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-31 Maturity Price : 25.00 Evaluated at bid price : 24.65 Bid-YTW : 6.81 %
FTS.PR.J	Perpetual-Discount	1.86 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-22 Maturity Price : 19.68 Evaluated at bid price : 19.68 Bid-YTW : 6.14 %
IFC.PR.C	FixedReset Ins Non	1.91 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-22 Maturity Price : 21.32 Evaluated at bid price : 21.32 Bid-YTW : 6.70 %
GWO.PR.M	Insurance Straight	1.95 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-22 Maturity Price : 22.70 Evaluated at bid price : 22.99 Bid-YTW : 6.37 %
MFC.PR.L	FixedReset Ins Non	2.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-22 Maturity Price : 21.85 Evaluated at bid price : 22.30 Bid-YTW : 6.38 %
BN.PF.H	FixedReset Disc	2.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-22 Maturity Price : 23.80 Evaluated at bid price : 24.20 Bid-YTW : 7.60 %
IFC.PR.G	FixedReset Ins Non	2.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-22 Maturity Price : 22.67 Evaluated at bid price : 23.60 Bid-YTW : 6.35 %
BN.PR.Z	FixedReset Disc	2.73 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-22 Maturity Price : 21.04 Evaluated at bid price : 21.04 Bid-YTW : 7.58 %
MFC.PR.I	FixedReset Ins Non	3.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-22 Maturity Price : 23.11 Evaluated at bid price : 24.35 Bid-YTW : 6.40 %
PWF.PR.L	Perpetual-Discount	4.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-22 Maturity Price : 19.81 Evaluated at bid price : 19.81 Bid-YTW : 6.48 %
BN.PF.E	FixedReset Disc	7.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-22 Maturity Price : 18.70 Evaluated at bid price : 18.70 Bid-YTW : 7.87 %
MFC.PR.Q	FixedReset Ins Non	8.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-22 Maturity Price : 22.83 Evaluated at bid price : 23.93 Bid-YTW : 6.25 %

Volume Highlights
Issue	Index	Shares Traded	Notes
NA.PR.E	FixedReset Disc	324,000	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-22 Maturity Price : 23.01 Evaluated at bid price : 24.32 Bid-YTW : 6.06 %
TD.PF.C	FixedReset Disc	91,400	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-22 Maturity Price : 23.36 Evaluated at bid price : 24.10 Bid-YTW : 5.79 %
BMO.PR.T	FixedReset Disc	78,800	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-22 Maturity Price : 23.96 Evaluated at bid price : 25.00 Bid-YTW : 5.65 %
FFH.PR.I	FixedReset Disc	71,900	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-22 Maturity Price : 18.93 Evaluated at bid price : 18.93 Bid-YTW : 7.90 %
NA.PR.W	FixedReset Disc	37,200	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-22 Maturity Price : 21.76 Evaluated at bid price : 22.20 Bid-YTW : 6.28 %
RY.PR.J	FixedReset Disc	33,500	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-22 Maturity Price : 23.68 Evaluated at bid price : 24.25 Bid-YTW : 6.21 %
There were 11 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
IFC.PR.F	Insurance Straight	Quote: 20.65 – 22.10 Spot Rate : 1.4500 Average : 0.9989 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-22 Maturity Price : 20.65 Evaluated at bid price : 20.65 Bid-YTW : 6.50 %
CU.PR.J	Perpetual-Discount	Quote: 18.81 – 19.94 Spot Rate : 1.1300 Average : 0.7138 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-22 Maturity Price : 18.81 Evaluated at bid price : 18.81 Bid-YTW : 6.43 %
MFC.PR.F	FixedReset Ins Non	Quote: 16.40 – 17.74 Spot Rate : 1.3400 Average : 0.9872 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-22 Maturity Price : 16.40 Evaluated at bid price : 16.40 Bid-YTW : 6.89 %
MFC.PR.M	FixedReset Ins Non	Quote: 21.90 – 22.90 Spot Rate : 1.0000 Average : 0.7020 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-22 Maturity Price : 21.55 Evaluated at bid price : 21.90 Bid-YTW : 6.57 %
MFC.PR.N	FixedReset Ins Non	Quote: 21.58 – 22.20 Spot Rate : 0.6200 Average : 0.3882 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-22 Maturity Price : 21.58 Evaluated at bid price : 21.58 Bid-YTW : 6.57 %
GWO.PR.G	Insurance Straight	Quote: 20.80 – 21.41 Spot Rate : 0.6100 Average : 0.4340 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-22 Maturity Price : 20.80 Evaluated at bid price : 20.80 Bid-YTW : 6.33 %

Market Action

July 19, 2024

A day enlivened by the CrowdStrike-Microsoft Outage:

Wall Street’s main indexes fell on Friday, deepening a sell-off driven by tech stocks and mixed earnings, while investors assessed the impact of a global cyber outage that knocked down CrowdStrike’s shares to an over two-month low.

Cybersecurity firm CrowdStrike slumped 11.2 per cent after an update to one of its products appeared to trigger an outage that affected customers using Microsoft’s Windows Operating System, disrupting businesses across sectors.

Major U.S. airlines ordered ground stops citing communication issues, with the Euronext exchange and London Stock Exchange Group’s Workspace news and data platform also facing issues. LSEG later said its data and services were back online.

Microsoft slipped 0.7 per cent to an over one-month low, on track for a four-day decline, driven by a rout in tech stocks.

I’m beginning to think that legislation making software providers with a market share greater than X liable for screw-ups via class actions would be a good idea. Cap the potential liability because otherwise nobody in their right mind would write software, but, by golly, make it hurt! They won’t notice, otherwise.

The culture of not caring about the quality of one’s work is becoming pervasive. I believe it’s related to the growing lack of trust in institutions, but I’ll have to wait until I’m reincarnated with a new career to look into that one properly.

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	-0.3057 %	2,177.0
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.3057 %	4,175.6
Floater	10.65 %	10.85 %	24,540	8.90	2	-0.3057 %	2,406.4
OpRet	0.00 %	0.00 %	0	0.00	0	0.1573 %	3,510.9
SplitShare	4.76 %	6.59 %	30,697	1.23	6	0.1573 %	4,192.8
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1573 %	3,271.4
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	-0.1985 %	2,719.8
Perpetual-Discount	6.33 %	6.47 %	58,053	13.25	28	-0.1985 %	2,965.8
FixedReset Disc	5.13 %	7.02 %	113,749	12.50	49	-0.3038 %	2,635.7
Insurance Straight	6.07 %	6.35 %	65,337	13.40	21	0.0746 %	2,940.5
FloatingReset	9.15 %	8.90 %	28,756	10.47	4	0.2176 %	2,800.0
FixedReset Prem	5.82 %	6.24 %	248,601	2.96	8	0.1038 %	2,537.7
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	-0.3038 %	2,694.2
FixedReset Ins Non	5.27 %	6.64 %	89,761	13.07	14	-0.7624 %	2,789.3

Performance Highlights
Issue	Index	Change	Notes
BN.PF.E	FixedReset Disc	-7.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-19 Maturity Price : 17.40 Evaluated at bid price : 17.40 Bid-YTW : 8.46 %
MFC.PR.Q	FixedReset Ins Non	-5.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-19 Maturity Price : 21.80 Evaluated at bid price : 22.15 Bid-YTW : 6.80 %
PWF.PR.L	Perpetual-Discount	-4.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-19 Maturity Price : 18.95 Evaluated at bid price : 18.95 Bid-YTW : 6.77 %
MFC.PR.F	FixedReset Ins Non	-4.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-19 Maturity Price : 16.40 Evaluated at bid price : 16.40 Bid-YTW : 6.90 %
BN.PR.Z	FixedReset Disc	-3.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-19 Maturity Price : 20.48 Evaluated at bid price : 20.48 Bid-YTW : 7.79 %
SLF.PR.G	FixedReset Ins Non	-2.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-19 Maturity Price : 16.65 Evaluated at bid price : 16.65 Bid-YTW : 6.98 %
BN.PF.H	FixedReset Disc	-2.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-19 Maturity Price : 23.16 Evaluated at bid price : 23.60 Bid-YTW : 7.79 %
BIP.PR.A	FixedReset Disc	-2.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-19 Maturity Price : 21.83 Evaluated at bid price : 22.33 Bid-YTW : 7.62 %
BN.PF.D	Perpetual-Discount	-1.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-19 Maturity Price : 18.29 Evaluated at bid price : 18.29 Bid-YTW : 6.78 %
BIP.PR.B	FixedReset Disc	-1.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-19 Maturity Price : 23.86 Evaluated at bid price : 24.25 Bid-YTW : 7.98 %
BIK.PR.A	FixedReset Prem	1.54 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2029-04-01 Maturity Price : 25.00 Evaluated at bid price : 25.65 Bid-YTW : 6.97 %
FTS.PR.H	FixedReset Disc	1.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-19 Maturity Price : 15.25 Evaluated at bid price : 15.25 Bid-YTW : 7.72 %
IFC.PR.A	FixedReset Ins Non	1.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-19 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 6.67 %
PVS.PR.K	SplitShare	2.28 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 23.80 Bid-YTW : 5.75 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BMO.PR.T	FixedReset Disc	326,366	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-19 Maturity Price : 23.61 Evaluated at bid price : 24.76 Bid-YTW : 5.71 %
PWF.PR.Z	Perpetual-Discount	301,734	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-19 Maturity Price : 20.10 Evaluated at bid price : 20.10 Bid-YTW : 6.44 %
BN.PF.E	FixedReset Disc	240,459	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-19 Maturity Price : 17.40 Evaluated at bid price : 17.40 Bid-YTW : 8.46 %
CU.PR.E	Perpetual-Discount	199,735	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-19 Maturity Price : 19.30 Evaluated at bid price : 19.30 Bid-YTW : 6.46 %
RY.PR.N	Perpetual-Discount	191,578	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-19 Maturity Price : 23.97 Evaluated at bid price : 24.25 Bid-YTW : 5.12 %
SLF.PR.G	FixedReset Ins Non	190,686	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-19 Maturity Price : 16.65 Evaluated at bid price : 16.65 Bid-YTW : 6.98 %
IFC.PR.F	Insurance Straight	187,834	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-19 Maturity Price : 22.14 Evaluated at bid price : 22.14 Bid-YTW : 6.05 %
MFC.PR.F	FixedReset Ins Non	178,024	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-19 Maturity Price : 16.40 Evaluated at bid price : 16.40 Bid-YTW : 6.90 %
BIP.PR.A	FixedReset Disc	154,872	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-19 Maturity Price : 21.83 Evaluated at bid price : 22.33 Bid-YTW : 7.62 %
There were 21 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
BN.PF.E	FixedReset Disc	Quote: 17.40 – 19.25 Spot Rate : 1.8500 Average : 1.1172 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-19 Maturity Price : 17.40 Evaluated at bid price : 17.40 Bid-YTW : 8.46 %
PWF.PR.L	Perpetual-Discount	Quote: 18.95 – 20.50 Spot Rate : 1.5500 Average : 0.8658 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-19 Maturity Price : 18.95 Evaluated at bid price : 18.95 Bid-YTW : 6.77 %
MFC.PR.Q	FixedReset Ins Non	Quote: 22.15 – 24.00 Spot Rate : 1.8500 Average : 1.2409 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-19 Maturity Price : 21.80 Evaluated at bid price : 22.15 Bid-YTW : 6.80 %
IFC.PR.C	FixedReset Ins Non	Quote: 20.92 – 22.25 Spot Rate : 1.3300 Average : 0.7708 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-19 Maturity Price : 20.92 Evaluated at bid price : 20.92 Bid-YTW : 6.83 %
IFC.PR.E	Insurance Straight	Quote: 21.55 – 23.22 Spot Rate : 1.6700 Average : 1.2408 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-19 Maturity Price : 21.55 Evaluated at bid price : 21.55 Bid-YTW : 6.10 %
CU.PR.C	FixedReset Disc	Quote: 20.70 – 21.88 Spot Rate : 1.1800 Average : 0.8193 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-19 Maturity Price : 20.70 Evaluated at bid price : 20.70 Bid-YTW : 6.99 %

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